(PatriotWise.com)- White House Press Secretary Jen Psaki always struggles to answer questions from the press, but sometimes it’s particularly clear that she just isn’t up to the job. On Tuesday, Psaki admitted that she simply didn’t have an answer to a question about Saudi Arabia reportedly preparing to price its oil in Chinese yuan rather than the U.S. dollar.
When a reporter noted that reports have revealed how Saudi Arabia is going to begin accepting the yuan instead of the dollar when purchasing oil and asked whether the White House is monitoring the situation or expressed any possible consequences if it happens, Psaki admitted she didn’t even know it was happening.
“Let me check with the Treasury Department on it. Good question. I hadn’t seen the report, I’ll check with them,” she said.
Yes, it is a good question. That’s why they asked it…and why Psaki should probably have an answer.
Such a change to the way that oil is purchased in Saudi Arabia will have big consequences. It would have a negative impact on the U.S. dollar’s dominance in the petroleum market and mark a shift towards China’s increasing dominance in the market.
Currently, China purchased around one-quarter of its oil from Saudi Arabia. If the purchases can be made in yuan and not in U.S. dollars, it would be a huge benefit to China’s currency.
While 80% of oil sales from Saudi Arabia are done with the U.S. dollar. A deal made by U.S. President Richard Nixon in 1974 established the dominance of the U.S. dollar in the market, but that could be about to change under this disastrous first term of the Biden administration…
Watch Psaki admit she doesn’t have the answers here.
